Rob. Lots of people earning this amount per year and less have been financially prudent. It really is as simple as that.

Posted by: vw at November 10, 2009 1:01 PM in response to Affordable Housing on Tap

I meant "no credit card debt."

Posted by: vw at November 6, 2009 4:58 PM in response to Affordable Housing on Tap

Let's be honest here. If you have an annual salary of 75k, saved your money and have no credit debt, you can well afford one of these affordables.

Posted by: vw at November 6, 2009 4:44 PM in response to Affordable Housing on Tap

Careful. It seems that the building is built on top of an oil spill. http://www.newtowncreekalliance.org/meeker.htm

Posted by: vw at October 14, 2009 11:48 AM in response to The Locale: Greenpoint Condo Auction

dir:

Thanks for the explanation.

Posted by: vw at September 3, 2009 1:06 PM in response to Condo of the Day: 105 Ainslie Street, #3B

What "qualifies" a new condo development for FHA financing? Where can one obtain a list of FHA approved condo developments?

Posted by: vw at September 1, 2009 4:46 PM in response to Condo of the Day: 105 Ainslie Street, #3B

Your 401K plan administrator will tell you your company's rules/restrictions for borrowing against your account to purchase your first home. In my case, my purchase agreement could not have a closing date more than 90 days after execution of same. That's just one example. Additionally, I agree w/panda10 @ 152pm:

"If you take the loan- and you're still able to fund your 401k exactly the same as before AND can repay the loan- then it may not be a bad idea."

Posted by: vw at July 22, 2009 4:51 PM in response to Tapping 401(k) for Purchase?

I borrowed from my 401k and changed jobs a yr later..i did not have to pay back the loan..i continued to make payments directly to T Rowe. Its specific to the t&cs of your plan.

Posted by: jamdown at July 22, 2009 10:42 PM in response to Tapping 401(k) for Purchase?

It's great to take advantage of the IRA for first time home purchase and if it is a Roth IRA then no penalty or taxes on it. FOr your 401 K it's also great that you can take out a loan. Either way it's a good way of financing the purchase- I did it this way and was fortunate enough to catch up on my retirement savings and far surpass what I had used in about 5 years.

Posted by: argentina at July 22, 2009 11:11 PM in response to Tapping 401(k) for Purchase?

It really is a good advantage if you have money invested in a 401k account, enough to buy you a house for preferably cash. For instance, assume you have $150k cash in your 401k, experts suggest rolling it over to a Self directed IRA from which you can use the funds (100% of the funds) to buy a house. However, the percentage of money you should take out from your self directed IRA depends on the amount of savings you have.

Once you have a self-directed IRA set up, consider purchasing actual physical real estate by withdrawing funds from your IRA to make a down payment on the home, and get a mortgage, or if you have enough funds, purchase the entire home by paying 100% cash.
Source: http://www.research401krollover.com/
You are not allowed to take a mortgage from your IRA, like how you would take out a loan from your 401(k) and pay it back in a certain period of time. When purchasing property from your IRA, remember this key point that all gains you make from this property such as rental income, capital gains, etc must be contributed back in to your IRA.

Posted by: cocojambo at November 14, 2009 12:07 PM in response to Tapping 401(k) for Purchase?